The European Central Bank hiked official interest rates on Thursday by 0.5 percent.
In the 1980s and 1990s, Credit Suisse merged with First Boston to create Credit Suisse First Boston.
In March 2021, Credit Suisse lost about $10 billion in the Archegos scandal. Credit Suisse has been involved in many other scandals.
There are also financial stresses hitting all banks. The loss of value in long term mortgages and bonds from higher interest rates. Higher default rates on car loans and leases. Losses from crypto assets and investments. Decreases in the prices of most stocks.
Credit Suisse plans to spin out First Boston in 2025.
The current Credit Suisse CEO wants to protect the best-performing investment bank businesses, such as advising on mergers and acquisitions, and pivot toward more wealth management.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.